Voyage Management Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Voyage Management Software Market
The voyage management software market size was valued at USD 195.9 billion in 2022, and the market is now projected to grow from USD 220.4 million in 2023 to USD 555.3 million by 2030, exhibiting a CAGR of 14.1% during the forecast period of 2023-2030.
The COVID-19 pandemic created significant opportunities on the voyage management software market growth as curbing coronavirus outbreak was prioritized. The COVID-19 pandemic affected international trade glide at an extraordinary speed and scale. The pandemic added about an unsightly period for an ugly duration for the marine industry due to regulations imposed on transporting all forms of shipments via waterways.
The voyage management software market share globally has been contributed due to the adoption of voyage optimization for effective management and fleet operations. Fleet operations are widespread and complex and require time management for stakeholders to detail the minor adjustments to guidelines and methods to be adopted and followed. Additionally, excessive climate conditions affect maritime operations negatively and disturb worldwide delivery chains.
Furthermore, there’s been a notable trend of rising need for software for managing complex supply chain operations and database management solutions. They contain a complex community of shipping corporations, shipments dealing with facilities, ports, and customs and regulatory agencies. The effectiveness and efficiency of maritime delivery chains are essential for agencies and economies globally.
Comprehensive Analysis of Voyage Management Software Market
The voyage management software market and information & communication technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the information & communication technology industry. These segmentations are methodically segregated by function. The function types include, financials, operations, chartering, others (analytics, accounting, claims and others).
The Asia Pacific region is conducive to the global voyage management software market, leading to a recall of USD 69.7 billion owing to increased R&D investments. Asian countries constantly boom their R&D investments, improve voyage management software, and optimize technological help for the nearby maritime industry.
The top players in the market play a crucial role in the information & communication technology industry assuring industrial prospectus growth and setting market standards. These players include, Wärtsilä (Finland), Veson Nautical (U.S.), MariApps Marine Solutions (Singapore), Vasco Systems Pte Ltd. (Singapore), Blue Water Trade Winds Pvt. Ltd. (India), ION Group (U.S.), Q88 LLC (U.S.), ONEOCEAN (U.K), Dataloy Systems AS (Norway), OrbitMI, Inc. (U.S.), The Ark Marine Solutions Pte Ltd. (TAMS) (Singapore), Herberg Systems GmbH (Germany), SEA/ (Maritech Services Limited) (Singapore), DANAOS (Greece), Marine Digital GmbH (Germany), and Nextvoyage Maritime Software Pte. Ltd. (Singapore) these market players provide a level-playing competitive landscape.
In December 2022, Bearing.Ai, a green delivery software powered by artificial intelligence, collaborated with Veson Nautical to integrate the Veson IMOS Platform with Bearing’s Carbon Intensity Indicator evaluation answers to coordinate records for voyage evaluation and short CII-correct modeling of ratings inside the voyage and wider strategic operations.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 14.1% from 2023 to 2030
Unit Value (USD million)
By Function Chartering
Operations
Financial
Others (Analytics, Accounting, Claims, and Others)
By Region North America (By Function and By Country)
- U.S.
- Canada
- Mexico
South America (By Function and By Country)
- Brazil
- Argentina
- Rest of South America
Europe (By Function and By Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
Middle East & Africa (By Function and By Country)
- Turkey
- Israel
- GCC
- South Africa
- North Africa
- Rest of the Middle East & Africa
Asia Pacific (By Function and By Country)
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
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